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Manila Bulletin devider Business devider Inflation pressures from oil prices worry DOF

Inflation pressures from oil prices worry DOF

Published Feb 17, 2022 02:10 pm

The deceleration in price increases last January was a welcome development, but the Department of Finance (DOF) warned that the economy should still keep a close watch on oil price movements.

In a research note, Finance Chief Economist Gil S. Beltran said on Thursday, Feb. 17, that headline inflation slowed to a 15-month low of 3.4 percent in January from 3.17 percent in the previous month.

“The continued deceleration in headline inflation is a welcome development,” said the retired DOF undersecretary, who has been retained as DOF consultant. “While food price inflation held steady, non-food price inflation eased.”

Food inflation in January remained flat at 1.62 percent.

The pace of meat price inflation, meanwhile, slowed from 8.7 percent to 4.27 percent while the average vegetable price level continued to decline from minus 15.1 percent in December to minus 10.91 percent in January.

The drop in vegetable inflation has offset the increase in rice prices from minus 0.10 percent in December to nearly one percent in January.

Non-food price inflation, meanwhile, decelerated from 3.92 percent to 3.77 percent.

The price level of the rent, utilities, and fuels commodity group declined from 5.14 percent to 4.52 percent, more than offsetting the increase in pace of transport price inflation from 6.58 percent to nearly seven percent.

“Still, the economy has to remain watchful,” Beltran said, citing the month-on-month general price level, which increased by nearly one percent from the 0.36 percent rise the prior month due to both food and non-food items.

In January, Dubai crude oil price averaged $83.11 per barrel, the highest since November 2014, Beltran noted.

Bangko Sentral ng Pilipinas (BSP) Governor Banjamin E. Diokno earlier vowed to tame inflation and bring it back to the government’s target range of two percent to four percent over the next two years.

Diokno also said the central bank is closely monitoring the impact of the recent rally in global oil prices on domestic inflation.

In 2021, inflation accelerated to 4.5 percent, above the government’s target band.

Related Tags

Inflation DOF Bangko Sentral ng Pilipinas Gil S. Beltran BSP Governor Finance chief economist BSP Department of Finance Benjamin E. Diokno
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